Lately I’ve been obsessed with saving and making money. I’ve started to coupon and only buy items when there’s a good deal. I’ve also started to think about ways I’m passively losing money, and how I can start to passively make money. As a student, I’m really interested in ways I can start investing sooner rather than later.
Invest 10% into a savings account
The best way to make sure that you’re saving money is to start saving money. To start with, allocate 10% of your paycheck into a high-yield savings account. My favorite place to bank is Ally. I’m not sponsored in any way, I just love their customer service, their interest rates on all accounts, and the way they’re constantly growing and adding new services. Look at these estimated earnings! When you compare the annual percentage yield (APR) among all of the banks, Ally is the best hands down. By saving in a high-yield savings account, you give your money the best option to grow over time.
Pay student loans before during deferment
I’m kind of a hypocrite because I’ve only made some payments here and there. However, I know that the interest is accruing every day that I have those loans. I just wrote a post about how high my student loans are! That means that every day I am losing a few dollars. Although it’s passive and I don’t feel it directly, it’ll accumulate and I will regret putting it off after deferment ends. Always make a monthly payment towards your student loans. Even if it’s as low as $10, you will get into the habit of paying it down.
Start investing now!
By far, this is the best money choice I’ve made. Investing can look different ways to different people. You can invest buy transferring money from savings to a certificate of deposit (CD). Your money is locked for a certain period of time, but it has a higher return. You can also open an investment account! Ally offers one, but you have to invest $2500 minimum. Other apps also make it easy to invest, like Acorn and Robinhood. It’s never too soon to start!